Amendments clarify fiduciary duty to protect officers and directors, create new annual filing requirement and administrative dissolution
The Pennsylvania Legislature has amended and updated the state’s Nonprofit Corporation Law to clarify standards of fiduciary duty for officers and directors, create a new annual filing requirement with the possibility of administrative dissolution for noncompliance, and generally update and clarify the rules for nonprofit operations. The Amendments are included in a general overhaul of the Associations Code (Title 15 of Pennsylvania Consolidated Statutes) covering many types of business entities. (Act 122 of 2022, stemming from H.B. 2057)
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By Cheshire Law Group
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